FinTechs are one of those industries which came to existence because of the extensive use of the internet. FinTech companies provide online financial services of various types. The FinTech industry is never confined only up to using the internet in banking, the potentialities are much beyond banking.
The FinTech industry is one of the fastest growing industries and startups of this industry are flourishing at a faster pace. The number of FinTech startups is growing much faster than it was assumed until a few years back. Along with the growing number of companies, the competition among the startups is getting tougher. The companies which are leading the race are ahead of the rest as they follow the FinTech trends. If you own a FinTech startup or plan to start one, you must advance your business with the trends that are implemented to the FinTech startups. Today’s article will help you to get an overview of the FinTech trends of 2019.
Trends to Ensure Success of a FinTech Startup in 2019
The blockchain is the technology which can make the banking easier and much more secure than ever before. With the help of this technology, the transactions will be much faster and less expensive. The data saved in blockchain can never be manipulated by fraudulent borrowers. Many of the Indian financial institutions have adopted this technology and working on the application of the same in the business. The blockchain technology can be used in numerous fields and the use of the same in FinTechs can take the business to the next level.
Artificial Intelligence (AI)
The use of Artificial Intelligence can help companies to make the right lending decision. The testing on this technology has been in process for many decades and this technology has gained acceptance in many areas including finance. Some of the branches of AI such as NLP (Natural Language Processing) or virtual customer assistants (VCA) are ready to launch in the FinTech sector. FinTechs can use AI featured chatbots, customer assistance and maintenance services which are certain to provide services more effectively by eliminating human intervention.
The Voice Technology
This is the latest technology that is about to implement in FinTech. The voice technology in banking is inspired by Siri, Alexa and Google Assistant. Modern banks are trying to implement this AI driven voice technology to improve the customer experience. This application has a voice recognition feature too which will make the transactions much reliable and authentic.
Internet of Things
The IoT ( Internet of Things) is about to connect more than 50 billion devices. The impact of IoT will not exclude the finance sector. The use of IoT will turn the bank branches to smart bank branches, will connect to the wearables and devices to making the banking experience swifter and robust.
Unified Payments Interface (UPI)
The use of UPIs is about to increase significantly in the upcoming days. The UPI will encourage digital payments which will make lending and borrowing faster. The FinTech startups are to introduce highly user-friendly websites so that quick financing can be done. The FinTech startups need to speed up the lending process to make their presence visible in the midst of high competition.
The Bottom Line
Giving your FinTech business a new interface by following the FinTech trends will give a new face to your business. There are many companies who can help the startup FinTechs and outsource those advances applications to implement in their business.